Credit Card Debt – Three Reasons to avoid

Hi guys Joe woodhouse from family wealth 101 and today I want to talk about why carrying debt on credit cards is a bad idea so you may have heard the phrase good there or but there de self is a very negative term but when used to leverage against something which will increase in value is actually a good thing check out my recent video on how to invest in property there's a prime example of that but as once after debt which is always constant of bad and that's credit cards and here's three reasons why credit cards are expensive with the annual interest or the APR in the teens twenties or even higher while mortgaging personal loans charge much much lower interest rates one would laugh or scare check out the minimum payment warning on your credit card statement which tells you if you pay the minimum payment how many years is gonna take its payoff which more than likely won't be in your lifetime if you've got debt on a credit card do yourself a favor and pay much more than the minimum payment this way you'll save yourself a hell of a lot of time and money would you buy that 90 inch LED flat-screen TV that you don't really need if you have to count physically hand the cash over should you've cut all your credit cards oh no long story short paym off I put most of my expenses on credit cards because I own a mouse for doing so but I make sure I start each month with a clean slate and no additional interest costs and your what else and that was family wealth 100 odd